When does exchange of contracts happen for residential conveyancing in Chorlton and am I required to attend the solicitors branch?
If you are round the corner to our conveyancing solicitors in Chorlton you are welcome to attend to sign contracts. That being said, the lender approved solicitors we work with offer countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when communicating with you digitally. The signing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to officially exchange at the appropriate time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Chorlton)to be in the office at the appropriate time.
I have Fifty Six years unexpired on my lease and need a lease extension for my flat in Chorlton. Conveyancing solicitors on the Nationwide Building Society panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 26/1/2025 the requirements read as follows :
- There must be at least 30 years remaining at the end of the mortgage term (regardless of the length of lease at the start).
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:
Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer
- Where lending is over 85% of the purchase price/valuation on a second hand flat and the unexpired lease term on the offer is 90 years or more - only advise us if the actual lease term is less than 90 years.
New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer
Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term less than 55 years
- Unexpired lease term less than 90 years where we are lending more than 85% of the purchase price/valuation on a second hand flat
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period is less than or equal to 5 years
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 55 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial, etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than 85 years (Minimum 90 years where we are lending more than 85% of the purchase price/valuation on a second hand flat)
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Issuing Office (Will be declined)
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house (does not apply to Shared Ownership)
- Any lease which is subject to a Ground Rent (or Annual Rent) being charged which is more than on a peppercorn basis
- Any lease which is subject to a Ground Rent (or Annual Rent) being charged which is more than on a peppercorn basis
Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 1% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- A lease subject to a peppercorn Ground Rent (Annual Rent) charges
For the avoidance of doubt, any New Build properties completed but not sold pre-30 June 2022 will only be acceptable if the Lease conforms to the above guidance.
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years.
Lease Extensions
We require all Lease Extensions to be completed under the Leasehold Reform Housing and Urban Development Act 1993 and to meet the above criteria as a minimum. Where you become aware that it does not meet these requirements, please refer to Issuing Office.
My uncle advised me that in purchasing a property in Chorlton there may be various restrictions as to what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Chorlton which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Chorlton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am aiming to move property in April. Does my conveyancing solicitor communicate with the removal company on the completion day. As an aside, can you recommend a removal company in Chorlton. Conveyancing lawyer was found prior to coming across this site.
On the afternoon of completion you will need to pick up the house keys from the property agent but this should only be done after the previous owners conveyancers advise the agent that they have the completion monies and the keys can be collected. After that you can inform the removal company that they can start moving you in. As a matter of policy we do not recommend a particular removal company but can help you locate a conveyancing in Chorlton or a solicitor with expertise in conveyancing in Chorlton.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Chorlton building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Chorlton conveyancing solicitor - who is on the lender conveyancing panel- called to say that they would not lend in accordance with their published requirements. I have no idea who is right.
Your conveyancing practitioner must comply with the CML Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
The deeds to my home are lost. The lawyers who dealt with the conveyancing in Chorlton 4 years ago are no longer around. What are my next steps?
You no longer need to have the physical original deeds to prove you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
Estate agents have just been given the go-ahead to market my garden apartment in Chorlton. Conveyancing has not commenced, however I have recently had a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you discharge the maintenance contribution as usual given that all ground rent and maintenance payments will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Chorlton Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
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The prefered form of lease arrangement is where the freehold interest is in the ownership of the leaseholders. In this arrangement the leaseholders enjoy control and even though a managing agent is often employed where it is bigger than a house conversion, the managing agent is directed by the tenants. In the main the cost for major works tend not to be included within service charges, albeit that a few managing agents in Chorlton obliged leaseholders to pay into a sinking fund created for the specific purpose of establishing a fund for larger repairs or maintenance. Is there a share of the freehold?